Perpetual Trustee files for compensation against Elderslie
Perpetual Trustee Company Limited has filed a claim for compensation for misappropriation of trust monies against Elderslie Finance Corporation Limited (EFC) in the NSW Supreme Court.
The Perpetual Limited subsidiary, which acts as trustee for the Elderslie MTN Trust for note holders and other creditors, has also filed against NSW Australian Integrated Finance Pty Limited (AIF) and certain directors of both companies, according to a Perpetual media release.
It said that under a separate and independent arrangement, Perpetual Trustees W.A. Limited (PTWA) appointed PricewaterhouseCoopers as receivers to EFC and a number of its subsidiary companies, including AIF, on July 2.
PTWA is a fully owned subsidiary of Perpetual and a discrete corporate entity that acts as a debenture trustee between PTWA and EFC.
PTWA made the appointment in its capacity as trustee for secured debenture holders of EFC under charges it holds over the assets and undertakings of EFC and a number of its subsidiary companies.
Recommended for you
With advisers expressing a reluctance to invest in cryptocurrency, advised clients are tending to have a smaller allocation to the asset than their unadvised peers.
After surviving significant evolutions of the Australian financial advice industry, The Advisers Association is now celebrating a century of advocating for advisers.
A panel of advisers have argued charging fees accordingly is a top priority for the industry, but Peloton Partners has found firms are reluctant to increase them until the business pressure is “unavoidable”.
Equal weighted ETFs are gaining ground with financial advisers, according to AUSIEX, as they believe they can bring balance to client portfolios.
